Spectrum Mortgage Services

Financing Program Guideline Quick Reference Guide

Guideline	FHA	USDA	VA	Conventional
Credit Score	580/No Score	620/No Score	580	620
Max Loan Amount	$524,225	N/A	$806,500	$806,500
Down Payment	3.5%	$0	$0	3% Min.
Mortgage Insurance	1.75% upfront; .55% monthly	1.0% upfront; .35% monthly	2.15% 1st time use; 3.3% subsequent use (can be lower w/ down payment or zero w/ VA Disability)	Varies by credit score MI buyout option
Max Seller Concessions	6%	6%	4% (Can be higher)	VARIES BASED UPON LTV
Income Limits	No	By county	No	No
Must be 1st Time Homebuyer	No	No	No	No
Additional Fee	No	No	No	No
Foreclosure/ Short Sale Eligibility	3 Years (From sheriff's sale date)	3 Years	2 Years	7 Yrs. Foreclosure 4 Yrs. SS
Bankruptcy Eligibility	Ch7=2 yrs; Ch13=1yr of pymts and trustee approval	Ch7=3 yrs; Ch13=1yr of pymts and trustee approval	Ch7=2 yrs; Ch13=1yr of pymts and trustee approval	Ch7=4 yrs Ch13=2 yrs
Gift Funds	Acceptable	Acceptable	Acceptable	Acceptable

*Program Guidelines are subject to change